Suppose you borrowed $22 000 from your grandfather to purchase a car, with the understanding that you would repay the loan principal in four years when you graduated from college
a. How much would you have to repay if the interest rate was set at 5% compounded monthly?
b. How much would you have to repay if the interest rate was set at 7.5% compounded monthly?
c. How much would you have to repay if the interest rate was set at 9% compounded monthly?